with their operating income coming up in the second half of the year. I think if you did a composite of all those things that you just mentioned,

with their operating income coming up in the second half of the year i think if you did a composite of all those things that you just mentioned


downward pressure on both pricing and activity levels due to low oil prices and the related reduction in drilling activities.


when the new pricing regime comes in. You all have also mentioned to us that you expect your pension to be fully funded

when the new pricing regime comes in you all have also mentioned to us that you expect your pension to be fully funded


Other income primarily reflects the sale of nonstrategic marketable securities partially offset by net currency losses.

other income primarily reflects the sale of nonstrategic marketable securities partially offset by net currency losses


So we think we absolutely will recover any cost that comes up to us.

so we think we absolutely will recover any cost that comes up to us


The third trial I will touch on today is also for avacopan but this time to treat patients in a different disease area

the third trial i will touch on today is also for avacopan but this time to treat patients in a different disease area


So we're exploring what those opportunities are and we believe that this will continue to be a significant growth opportunity

so we're exploring what those opportunities are and we believe that this will continue to be a significant growth opportunity


we're falling back on a chipset business. It actually allows with our supply chain partners a better cost structure to our TOSA customers.

we're falling back on a chipset business it actually allows with our supply chain partners a better cost structure to our tosa customers


We have started the fabrication phase of this project and, along with our other projects, we will see cash inflows in the coming months.

we have started the fabrication phase of this project and along with our other projects we will see cash inflows in the coming months


and we will try to increase our sales at the same level of the consumption of


So -- and then there was an increase of price. So we are working with the expectation of

so -- and then there was an increase of price so we are working with the expectation of


that will work its way through towards the second half of the year. So towards the back half of the year, there will be some acceleration coming in the revenue.

that will work its way through towards the second half of the year so towards the back half of the year there will be some acceleration coming in the revenue


At the very moment, we are still within our guidance range. But if the dollar stays where it currently is until year-end,

at the very moment we are still within our guidance range but if the dollar stays where it currently is until year-end


As the project is coming to a close, our focus has been to make necessary investments to hold the time line as best we could to meet our customers' commitments.

as the project is coming to a close our focus has been to make necessary investments to hold the timeline as best we could to meet our customers' commitments


Since completing the Shelby project and then paying down the revolver is our top priority, therefore, we did not repurchase any stock in the fourth quarter.

since completing the shelby project and then paying down the revolver is our top priority therefore we did not repurchase any stock in the fourth quarter


have the greatest long-term potential in terms of the number or the volume of consumers that those partners might give iPass access to?

have the greatest long-term potential in terms of the number or the volume of consumers that those partners might give ipass access to


Thank you. I'd like to welcome everyone on the call today. The news release announcing Capstone's 2018 third quarter financial results

thank you i'd like to welcome everyone on the call today the news release announcing capstone's 2018 third quarter financial results


Our best-in-class software and services help organizations compete and grow by giving enterprises the technology they need to build and operate applications at scale,

our best-in-class software and services help organizations compete and grow by giving enterprises the technology they need to build and operate applications at scale


And since the oil prices are rising during that period of time and the fourth quarter, there is a lot of heating-related LPG demand.

and since oil prices are rising during that period of time and the fourth quarter there is a lot of heating-related lpg demand


We are seeing more marginal fold increases, but you do see those increases in those with a weaker immunity, which is

we are seeing more marginal fold increases but you do see those increases in those with a weaker immunity which is


Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Everyone, have a great day.

ladies and gentlemen thank you for your participation in today's conference this concludes the program you may now disconnect everyone have a great day


In a market that is clearly in search for yield, I also wanted to address the relative valuations of the mortgage REIT sector.

in a market that is clearly in search for yield i also wanted to address the relative valuations of the mortgage reit sector


And by doing so, we intend to improve the quality of our portfolio. But in addition to that, we're looking at whether we -- over time, want to sell off portions

and by doing so we intend to improve the quality of our portfolio but in addition to that we're looking at whether we over time want to sell off portions


On the balance sheet, I can be relatively short. We have a sound balance sheet with relatively constant metrics

on the balance sheet i can be relatively short we have a sound balance sheet with a relatively constant metrics


We continue to experience very low levels of credit losses, thanks to economic strength across our footprint and our strong underwriting.

we continue to experience very low levels of credit losses thanks to economic strength across our footprint and our strong underwriting


much better than anything that's available on the market today. We're averaging about 1 to 2 seconds on signal communication versus about 30 seconds

much better than anything that's available on the market today we're averaging about 1 to 2 seconds on signal communication versus about 30 seconds


as well as wins across a number of other key sectors. We expect our client retention rates to remain strong at the targeted mid-90s level

as well as wins across a number of other key sectors we expect our client retention rates to remain strong at the targeted mid-90s level


across your segments, in your conversations with customers, is the expectation for demand to rebound after Chinese New Year?

across your segments in your conversations with customers is the expectation for demand to rebound after chinese new year


to us, the base management fee is an output, not an input. So we don't spend time focusing on kind of working towards a specific fee.

to us the base management fee is an output not an input so we don't spend time focusing on kind of working towards a specific fee


So we already are pretty active in ASCs for our sports medicine business and, we have other products that we sell into that channel. So it's a channel that we know.

sure so we already are pretty active in ascs for our sports medicine business and we have other products that we sell into that channel so it's a channel that we know


which is good, so we're getting a much more balanced growth picture now than we had in the past. Of course, we like it to grow quicker, but I think the balance of the growth is very important.

which is good so we're getting a much more balanced growth picture now than we've had in the past of course we'd like it to grow quicker but i think the balance of the growth is very important


As we look out, I think we've talked about some lower-cost generations coming in at the end of the calendar year

as we look out i think we've talked about some lower cost generations coming in at the end of the calendar year


I would not say too much, but still so much that we have to do additional testing, which needs a lot of additional shop floor space,

i would not say too much but still so much that we have to do additional testing which needs a lot of additional shop floor space


perhaps you remember that we had a program last year to focus on stopping some of the activities


which is one of the main reasons why we do think if you want to maintain that affordable and reliable network and create job


we're terribly excited about it. As I say, it's taken some engineering work and some thought work in terms of how to break down very big

we're terribly excited about it as i say it's taken some engineering work and some thought work in terms of how to break down very big


For example, in the half, we saw savings from rent at the end of the lease and continued productivity gains in stores and distribution centers.

for example in the half we saw savings from rent at the end of the lease and continued productivity gains in stores and distribution centers


obviously, it will be a comprehensive discussion and the good news is we'll have our entire leadership team present to be able to really

obviously it will be a comprehensive discussion and the good news is we'll have our entire leadership team present to be able to really


and the impact of pension accounting treatment, which more than offset the negative impact of foreign exchange fluctuations and other factors.

and the impact of pension accounting treatment which more than offset the negative impact of foreign exchange fluctuations and other factors


what -- understanding that investors probably don't maybe like it as much to spend more money on it, why not throw a little bit more gas on that fire and

what -- understanding that investors probably don't maybe like it as much to spend more money on it why not throw a little bit more gas on that fire and


But given the comparison to the previous year, I believe, that it is still a rather satisfactory outcome of the segment.

but given the comparison to the previous year i believe that it is still a rather satisfactory outcome of the segment


And I think when you start looking at our -- when we start talking about our margins, and while we're pleased with what secures switches bring to us

and i think when you start looking at our -- when we start talking about our margins and while we're pleased with what secure switches bring to us


And I think, also, the experience -- I think people sometimes undersell the experience that we have in the technology side with the founders and others,

and i think also the experience -- i think people sometimes undersell the experience that we have on the technology side with the founders and others


Also, the presentation we make today contains pro forma or non-GAAP financial measures, which we believe are meaningful in evaluating the company's performance.

also the presentation we make today contains pro forma or non-gaap financial measures which we believe are meaningful in evaluating the company's performance


But in Q4, we still have the impact from the loss of the 1 client, but in Q4, we had the traffic last year.

but in q4 we still have the impact from the loss of the one client but in q4 we had the traffic last year


does it make sense to maybe look even further strategically between the 2 businesses? I don't know maybe if you could just talk a little bit about

does it make sense to maybe look even further strategically between the 2 businesses i don't know maybe you could just talk a little bit about


partially offset by higher investments in support of our strategic priorities and the negative impact of the revenue recognition standard.


In another part of our engagement within their core operations, we'll be helping deliver a substantial boost in their productivity through automation,

and another part of our engagement within their core operations will be helping deliver a substantial boost in their productivity through automation


And we intend to do this in the future. That said, we intend to continue covering all our dividends with our generated free cash flow

and we intend to do this in the future that said we intend to continue covering all our dividends with our generated free cash flow


The increase in average selling price sequentially was primarily due to higher contracted sales prices due to increased in-basin sales in the quarter.

the increase in average selling price sequentially was primarily due to higher contracted sales prices due to increased in-basin sales in the quarter


The financial results for Angel's were in line with our expectations, and we're happy with their performance and the integration process to date.

the financial results for angels were in line with our expectations we're happy with their performance and the integration process to date


We also wanted to bring your attention that, as noted in the 10-Q we filed today, we have received a civil investigative demand letter from the Department of Justice.

we also wanted to bring your attention that as noted in the 10-q we filed today we have received a civil investigative demand letter from the department of justice


How quickly you think you can capture share? And then just from the outside, what are the key dynamics to understand around the ramp up of business and your focus points going into January?

how quickly you think you can capture share and then just from the outside what are the key dynamics to understand around the ramp-up of business and your focus points going into january


affected. We have certain scenarios, and we're able to identify certain customer groups ourselves on our own.

affected we have certain scenarios and we're able to identify certain customer groups ourselves on our own


I do not like to have an open checkbook policy on anything, but in this particular situation, it is an open checkbook. If resources are needed,

i do not like to have an open checkbook policy on anything but in this particular situation it is an open checkbook if resources are needed


Bill will then discuss the financial results for the first quarter of fiscal 2017 and subsequently open the call to questions from the audience.

bill will then discuss the financial results for the first quarter of fiscal 2017 and subsequently open the call to questions from the audience


And net-net, when you weigh all the positives against the one challenge, I continue to feel very, very good about our ability to drive

and net-net when you weigh all the positives against the one challenge i continue to feel very very good about our ability to drive


largely reflecting leveling system utilization and moderating growth in China as we anticipate future system sales quota.

largely reflecting leveling system utilization and moderating growth in china as we anticipate future system sales quota


Well, we have had some additional expenses that have been associated with Brazil and

well we have had some additional expenses that have been associated with brazil and


and our infrastructure have positioned us to double the number of RV dealership locations over the next 5 years.

and our infrastructure have positioned us to double the number of rv dealership locations over the next 5 years


It's difficult to do that with one brand like Camping World. But when you show up with 5 or 6 brands with a different presentation and a different marketing,

it's difficult to do that with one brand like camping world but when you show up with 5 or 6 brands with a different presentation and a different marketing


are you saying that there's not going to be a decline in February and March? And if there were, would that lead you to the low end of your guidance? Or

are you saying that there's not going to be a decline in february and march and if there were would that lead you to the low end of your guidance or


we don't think that the performance that we're showing there is that bad relative to what others are doing


once we execute the share repurchase, if we do, then we would go back to our board if we thought that was a wise thing to do to get further authorization.

once we execute the share repurchase if we do then we would go back to our board if we thought that was a wise thing to do to get further authorization


the strategic plan calls for a continuation and expansion of the margin improvement program we began last year.


So we recorded an increase in revenues and profit both in Telecommunications as well as Smart Life business. And as we mentioned, at the end of the first quarter, that

so we recorded an increase in revenues and profit both in telecommunications as well as smart life business and as we mentioned at the end of the first quarter


In addition to strong business performance, our efforts with HPE Next continue to pay off as we build on the progress we made in the first half of the year.

in addition to strong business performance our efforts with hp next continue to pay off as we build on the progress we made in the first half of the year


on the wholesale side in Germany. We do expect Marvel is a great opportunity to open a couple of more doors which were closed. But there is no

on the wholesale side in germany we do expect marble is a great opportunity to open a couple of more doors which were closed but there is no


on the second quarter of 2017. Before we begin, allow me to introduce the speakers today.

on the second quarter of 2017 before we begin allow me to introduce the speakers today


but more importantly, ICE will likely also need Congress to increase their annual appropriations for detention and removal operations.

but more importantly ice will likely also need congress to increase their annual appropriations for detention and removal operations


Some reductions are very creative. For example, our legal team in South Africa now have a preferred supplier list of upcoming lawyers

some reductions are very creative for example our legal team in south africa now have a preferred supplier list of upcoming lawyers


we experienced about 3 basis points of margin headwind during the past year due to a 2 percentage point lower concentration of loans relative to earning assets.


partly attributable to field usage increasing because you simply have more officers carrying the product?


resulting in under absorption of our manufacturing facility cost, and the continued effect of competitive price pressures.

resulting in under absorption of our manufacturing facility cost and the continued effect of competitive price pressures


The most significant bright spot for DiamondRock in the quarter was the ability of our asset management team to drive positive profit margin

the most significant bright spot for diamond rock in the quarter was the ability of our asset management team to drive positive profit margins


Most impressive was the success of our asset managers working with our operators to reduce quarterly operating costs

most impressive was the success of our asset managers working with our operators to reduce quarterly operating costs


We also raised pricing on all lender-paid singles to address the additional PMIERs capital charges for singles.

we also raised pricing on all lender-paid singles to address the additional pmiers capital charges for singles


if there's any optionality around the term loan, potentially upsizing or refining, kind of how should we be thinking about that at this point?

if there's any optionality around the term loan potentially upsizing or refinancing kind of how should we be thinking about that at this point


we would get a commitment to complete, and in other cases, it would go out for bids. So... Yes.

we would get a commitment to complete and in other cases it would go out for bids so yes


We expect its ease of use and affordability to expand the market for our products to customers who are more price-sensitive.

we expect its ease of use and affordability to expand the market for our products to customers who are more price-sensitive


plus growth of new materials required for advanced nodes at 10 and 7 nanometers. Transition to the next

plus growth of new materials required for advanced nodes at 10 and 7 nanometers transition to the next


We continue to provide a separate set of floated results in order to allow an easier transition towards new numbers.

we continue to provide a separate set of floated results in order to allow an easier transition towards new numbers


which is also compelling. So we'll need to say but as of now these are completely 2 different paths and each has its own

which is also compelling so we'll need to see but as of now these are completely 2 different paths and each has its own


The Italian position, I want to remind to all of you, is that it is coming from the past and we found it inside the

the italian position i want to remind to all of you is that it is coming from the past and we found it inside


That's offset some of the medical and the interface -- other interface technologies. Again, another year in a row, I think our Gamesman business last year

that's offset some of the medical and the interface -- other interface technologies again another year in a row i think our gamesman business last year


Granted, these are early results, in trial conditions, but we are excited about what we have seen so far.

granted these are early results in trial conditions but we are excited about what we have seen so far


But no, so there will be more, more to come. And then we'll also see a similar development in the Malvern PANalytical business.

but no so there will be more to come and then we'll also see a similar development in the maldron paneltical business


I. And so those additional costs will now come in as we've taken that decision to move into the feasibility and planning stage.

and so those additional costs will now come in as we've taken that decision to move into the feasibility and planning stage


to assess their impact on the market and to determine whether Reading should in fact adopt some variation of this model into the future.

to assess their impact on the market and to determine whether reading should in fact adopt some variation of this model into the future


which allows me to comfortably say that we are a leader in the renewable energy, recycling and resource management space there and pretty much recognized as such.

which allows me to comfortably say that we are a leader in the renewable energy recycling and resource management space now and pretty much recognized as such


The savings allow us to focus on improving our capital structure, increasing our liquidity and improving our leverage.

the savings allows us to focus on improving our capital structure increasing our liquidity and improving our leverage


And it's possible that we would continue development there, but I personally won't speak to the timing of that. But we have 1 successful

and it's possible that we would continue development there but i personally won't speak to the timing of that but we have one successful


In addition, we are working today on several exciting projects that will drive very high volume in the augmented reality and virtual reality markets

in addition we are working today on several exciting projects that will drive very high volume in the augmented reality and virtual reality markets


So just for everyone on the call or maybe not on the call, we're having some issues that looks like it system wide with other folks as well.

great okay so just for everyone on the call or maybe not on the call we're having some issues it looks like it's system-wide with other folks as well


So they're always evolving. We have several conversations going on right now with large clients,

so they're always evolving we have several conversations going on right now with large clients


we are continuing to make disciplined investments in our people, processes and systems in order to position Charles River to support future growth.

we are continuing to make disciplined investments in our people processes and systems in order to position charles river to support future growth


Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great afternoon.

ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may all disconnect everyone have a great afternoon


able to be opened digitally. So increasingly, digital will be a driver but we will get back to you with the mixes.

able to be open digitally so increasingly digital will be a driver but we will get back to you with the mid-year


We've isolated the impact of this credit throughout the presentation for easier comparability, and I'll refer to the figures, excluding this impact as an extraordinary.

we've isolated the impact of this credit throughout the presentation for easier comparability and i'll refer to the figures excluding its impact as an extraordinary


as Francois mentioned, we are expecting these rules to be published in the next few days. If it does happen, obviously,

as francois mentioned we are expecting these rules to be published in the next few days if it does happen obviously


is Herbalife's promotion of participation in a multilevel marketing program with a compensation structure that's likely to harm its participants.

is herbalife's promotion of participation in a multilevel marketing program with a compensation structure that's likely to harm its participants


As we did mention -- as Joe mentioned in our prepared remarks, we did leverage our balance sheet and increased inventory to try and

as we did mention -- as joe mentioned in our prepared remarks we did leverage our balance sheet and increased inventory to try and


primarily due to the anticipated impact of the nondeductible expenses for stock-based compensation on our effective tax rate for the year.


providing new movie releases and games to millions of consumers. We continue to believe that this will be the case for many years to come.

providing new movie releases and games to millions of consumers we continue to believe that this will be the case for many years to come


In the cases where someone is very straightforward from a insurance coverage perspective, like an Aetna,

in the cases where someone is very straightforward from a insurance coverage perspective like an aetna


but with existing rather than new production assets. And the third area of opportunity for us to invest

but with existing rather than new production assets and the third area of opportunity for us to invest


But based on what the utilities are telling us, and based on what we're seeing in the development of our fuel, we're expecting to bring

but based on what the utilities are telling us and based on what we're seeing in the development of our fuel we're expecting to bring


the right one. But we have already -- without communicating a lot on it, but we have already downsized some of the sites

the right one but we have already without communicating a lot on it but we have already downsized some of the size


but we're still -- we're talking a few hundred bps here and there. So it hasn't been a material shift at this point, and if anything, our cohorts are really consistent in their mix over time.

but we're still -- we're talking a few hundred bits here and there so it hasn't been a material shift at this point and if anything our cohorts are really consistent in their mix over time


when store traffic was impacted by specific unfavorable factors during the year, including the yellow vests movement in the fourth quarter.

when south traffic was impacted by specific unfavorable factors during the year including the yellow vest movement in the fourth quarter


Because of the increase of profit level for U.S. business, the operating profit contribution is already more than half,

because of the increase of profit level for u s business the operating profit contribution is already more than half


you know, I think we've got a lot of flexibility on timing in what we do here. So we really just wanted to kind of lay out the facts that we have.

i think we've got a lot of flexibility on timing and what we do here so we really just wanted to kind of lay out the facts that we have the


I think we were able to drive -- I think with our season pass sales being so strong when we acquired the resort, I think we were able to drive, obviously, a big

i think we were able to drive -- i think with our season pass sales being so strong when we acquired the resort i think we were able to drive obviously a big


way ahead of the game versus where we were last year in terms of having a great


all the reason that we have a declining market. Now how we are reacting? We are reacting with very strong point of sales.

all the reason that we have a declining market now how we are reacting we are reacting with very strong point of sales


industry volumes have remained under pressure as the overall pace of home buying slows and most existing borrowers still have rates below those available today.


going forward than we ever had and more that we are able to act on, so we have plenty to do going forward.

going forward than we've ever had and more that we are able to act on so we have plenty to do going forward


And I can tell you, Chip, one of the things that we've been looking at is the need to potentially expand in Asia. Today, we are in one

and i can tell you chip one of the things that we've been looking at is the need to potentially expand in asia today we are in one


changes in the fair value of contingent consideration as well as amortization of identified acquisition intangibles.


I think we felt pretty comfortable making that comment to you. I want to avoid giving you specific numbers on how that would all play out.

i think we felt pretty comfortable making that comment to you i want to avoid giving you specific numbers on how that would all play out


Wrapping up with the East, energy markets remained backward-dated in PJM given the expected addition of new generation capacity over the next few years.

wrapping up with the east energy markets remain backwardated in bjm given the expected addition of new generation capacity over the next few years


But overall, progressing roughly in line with the plan announced in May

but overall progressing roughly in line with the plan announced in may


The team has done a fantastic job creating a collection that embodies the brand with fashion that is both fresh and relevant to multiple generations.

the team has done a fantastic job creating a collection that embodies the brand with fashion that is both fresh and relevant to multiple generations


We remain comfortable with these estimates at this time. Thank you for listening to all of these detail. I will now turn the call over to Jim Ryan.

we remain comfortable with these estimates at this time thank you for listening to all of this detail i will now turn the call over to jim ryan


And a look at our study shows that we are on track to safeguard our future viability of the whole group.

and a look at our strategy shows that we are on track to safeguard our future viability of the whole group


We expect we'll be in a better position to provide an update on our August call on the CapEx that we are able to pull forward into '18 as well as the impact

we expect we'll be in a better position to provide an update on our august call on the capex that we are able to pull forward into '18 as well as the impact


Our industrial markets appear to be improving and we see a lot of marine projects ahead of us. Only offshore marine remains a question mark for us.

our industrial markets appear to be improving and we see a lot of marine projects ahead of us only offshore marine remains a question mark for us


These statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call.

these statements involve risks and uncertainties that may cause actual results to differ materially from the statements made on today's conference call


And I mentioned the investment in terms of resources and training within the company. We doubled the number of customer success manager that we have

and i mentioned the investment in term of resources and training within the company we doubled the number of customer success manager that we have


So we expect our first sales for our animal health division to begin early in 2017, and I can tell you,

so we expect our first sales for our animal health division to begin early in 2017 and i can tell you


Our clear focus lies on making use of innovative, new technologies to design simpler, faster and better processes.

our clear focus lies on making use of innovative new technologies to design simpler faster and better processes


that when it comes time to the next increase, I would expect strong realization rates, particularly given the environment right now and the headlines around inflation.

that when it comes time for the next increase i would expect strong realization rates particularly given the environment right now and the headlines around inflation


So we have seen both of them play out, differentially in the dine-in environment and in the delivery environment, but both have been -- have

so we have seen both of them play out essentially in the billing environment and in the delivery environment but both have been


And do you expect some adjustment -- I know you had some adjustment on your Generics customers this quarter, it looks like. Do you expect some of that to happen on the Biologics side as well?

do you expect some adjustment -- i know you had some adjustment on your generics customers this quarter it looks like do you expect some of that to happen on the biologic side as well


So maybe Erik or Rustom, could you elaborate a bit on what you're seeing here? And also what factors could actually get better as you go through the fiscal year.

so maybe eric or rasmus could you elaborate a bit on what you're seeing here and also what factors could actually get better as you go through the fiscal year


Consistent with our expectations, this growth was partially offset by lower sales to commercial vehicle customers as certain programs continue to wind down.

consistent with our expectations this growth was partially offset by lower sales to commercial vehicle customers as certain programs continue to wind down


and working to gain their business in areas that will help our network, so that we can actually give them a good price service combination,

and working to gain their business in areas that will help our network so that we can actually give them a good price service combination


by December 31. We tend not to start all that early. We'd rather have more people go out before us than

by december 31 we tend not to start all that early we'd rather have more people go out before us than


in the top line and we hold our margins or enhance our margins through expense control, that's where you're going to see

in the top line and we hold our margins or enhance our margins through expense control that's where you're going to see


upside potential bringing to the shareholders. So both parties remain confident that this is an interesting transaction to go forward.

upside potential bringing to the shareholders so all parties remain confident that this is an interesting transaction to go forward


which will be either advised or managed. The few pockets that will not be is because they are either external asset manager

which will be either advised or managed the few pockets that will not be is because they are either external asset manager


we're in full implementation mode of a new maintenance management system, as well as overhauling our company-wide procurement processes.

we're in full implementation mode of a new maintenance management system as well as overhauling our company-wide procurement processes


Our updated forecast is based on strong MACI growth trends as reflected by orders to date in the second quarter of the year -- or second half of the year

our updated forecast is based on strong maci growth trends as reflected by orders to date in the second quarter of the year -- or second half of the year


Electronics operating income increased primarily due to higher sales resulting from the Orlaco acquisition and lower material costs,

electronics operating income increased primarily due to higher sales resulting from the olacco acquisition and lower material costs


marketing enhancement opportunities, build new stores, remodel stores and rebuild existing locations across our footprint.

marketing enhancement opportunities build new stores remodel stores and rebuild existing locations across our footprint


So -- and, Justin, it's Drew. On the revenue side of the world, we did try to call out a couple of those in my comments. We are a brand business, and we do believe that the

so -- and justin hey it's true on the revenue side of the world we did try to call out a couple of those in my comments we are a brand business and we do believe that the


I'd also like to remind you that nothing on this call constitutes an offer to sell or solicitation of an offer to purchase any interest in any Oaktree fund.

i'd also like to remind you that nothing on this call constitutes an offer to sell or a solicitation of an offer to purchase any interest in any oaktree fund


If we are in the line where I hope we will be we should be close to about 1 million customers on our fibre footprint by the end of the year.

if we are in the line where i hope we will be we should be close to about a million customers on our fiber footprint by the end of the year


And just as a reminder, we continue to do all of our business through our branch network, still do not accept broker deposits or pay a premium for large accounts.

and just as a reminder we continue to do all of our business through our branch network still do not accept broker deposits or pay a premium for large accounts


Volume declines in the quarter were driven by our commercial realignment and profitability initiatives as well as soft demand.

volume declines in the quarter were driven by our commercial realignment and profitability initiatives as well as soft demand


As a final note, you may have seen from the recent Form 4 filings, Seabed Veil Investment has reported selling a portion of its shares

as a final note you may have seen from the recent form 4 filing cbed vale investment has reported selling a portion of its shares


than others. What I would say is, is our guide reflects everything we see. Our footprint is broader than

than others what i would say is as our guide reflects everything we see our footprint is broader than


The lower number for the paint factory was due to improved payment terms on key supply contracts and land purchase timing.

the lower number for the paint factory was due to improved payment terms on key supply contracts and land purchase timing


And most of that will disappear once that -- they take on the full manufacturing.

and most of that will disappear once that they take on the full manufacturing


Well, in certain logic but still not across the board, only in very specific applications.

well in certain logic but still not across the board only in very specific applications


As most of you know, Besi's business is seasonal, with revenue and orders typically building in the first half of the year

as most of you know basi's business is seasonal with revenue and orders typically building in the first half of the year


Our customer franchise remains strong and is being built out further as we continue to work with our partners to provide solutions and align interests,

our customer franchise remains strong and is being built out further as we continue to work with our partners to provide solutions and align interests


the tragic losses sustained by employees and their families and friends have been met with a tremendous outpouring of support.


Almost all of these investments have been originated on the back of our relationship based network of financial sponsors and bankers.

almost all of these investments have been originated on the back of our relationship-based network of financial sponsors and bankers


Knight. And so I really believe that we're going to be able to make Knight better. And I will tell you that Knight

like night and so i really believe that we're going to be able to make night better and i will tell you that night


As we said last quarter, the growth of our credit business will take time, but this quarter's results demonstrate positive momentum.

as we said last quarter the growth of our credit business will take time but this quarter's results demonstrate positive momentum


In August, we announced a statewide federally funded contract for the purchase of MedSafe and liners for the state of Montana.

in august we announced a statewide federal -- federally funded contract for the purchase of mesas and liners for the state of montana


know he knows how to identify markets where we can add value. And so I'm optimistic and I wouldn't throw that number

know he knows how to identify markets where we can add value and so i'm optimistic and i wouldn't throw that number


The revenue trend in the fourth quarter showed a strong improvement, supported by growth in integrated solutions and IT services.

the revenue trend in the fourth quarter showed a strong improvement supported by growth in integrated solutions and it services


Business development continues to be a priority, and we are committed to finding the best external science to enrich our pipeline and portfolio.

business development continues to be a priority and we are committed to finding the best external science to enrich our pipeline and portfolio


Even the long cycle that we have in this industry, we're already positioning ourselves in terms of technology development

even -- the long cycle that we have in this industry we're already positioning ourselves in terms of technology development


which was initially to produce more bulk in addition to the bulk we've already produced under past contracts.

which was initially to produce more bulk in addition to the bulk we've already produced under our past contracts


and it may just be the case that where we have had outperformance, we're now beginning to experience the impact not only of

and it may just be the case that where we have had outperformance we're now beginning to experience the impact not only of


whether maybe the leverage levels might change categorically for like maybe the Agency portfolio and the credit portfolios?

whether maybe the leverage levels might change categorically for like maybe the agency portfolio and the credit portfolios


to becoming the market-leading hybrid REIT, expanding our ability to further invest in areas across the Agency, residential credit

to becoming the market-leading hybrid reit expanding our ability to further invest in areas across the agency residential credit


As the automotive market continues to evolve, we can accommodate changes in vehicle type such as electric vehicles

as the automotive market continues to evolve we can accommodate changes in vehicle types such as electric vehicles


As we look ahead, we think that's still appropriate. But obviously, we'll continue to keep an eye on that over the balance of the year.

is we look ahead we think that's still appropriate but obviously we'll continue to keep an eye on that over the balance of the year


talk about philosophically how we approach this. Our advisers have been desirous of having index product for some time

talk about philosophically how we approach this our advisers have been desirous of having index product for some time


from marketing to tech and digital product capabilities. Nick will go into further detail on our financial performance shortly.

from marketing to tech and digital product capabilities nick will go into further detail on our financial performance shortly


by hiring additional mortgage loan originators and as we move into the seasonally stronger quarters for the housing market in Colorado.

by hiring additional mortgage loan originators and as we move into the seasonally stronger quarters for the housing market in colorado


is when you have all the tornado and hail in Texas and that's when we expect to have an underwriting loss driven by our claims-related losses.

is when you have all the tornado and hail in texas and that's when we expect to have an underwriting loss driven by our claims-related losses


a little bit about the competitive environment and the margin you're getting on the marginal mortgage that you're adding considering how a few of them there are around right now?

a little bit about the competitive environment and the margin you're getting on the marginal mortgage that you're adding considering how few of them there are around right now


And so our margin expansion will clearly be more weighted to the second half of the year. But from a revenue standpoint, we will enter the year

and so our margin expansion will clearly be more weighted to the second half of the year but from a revenue standpoint we will enter the year


And we believe the industry will adopt a more efficient industrial model to construct the floating production facilities needed to develop the planet's immense deepwater resources.

and we believe the industry will adopt a more efficient industrial model to construct the floating production facilities needed to develop the planet's immense deepwater resources


However, customers continue to reduce the scope and resulting spend of most projects as they seek to limit spending only to what is absolutely necessary.

however customers continue to reduce the scope and resulting spend of most projects as they seek to limit spending only to what is absolutely necessary


The second point I'd like to make is that pipe defects are not uncommon. The manufacturing process can result in cracks, voids, inclusions and mill scale.

the second point i'd like to make is that pipe defects are not uncommon the manufacturing process can result in cracks voids inclusions and mill scale


We don't see this -- I think the competition between the retailers in Norway is somewhat intensifying, but this is nothing

we don't see this -- i think the competition between the retailers in norway is somewhat intensifying but this is nothing


We evaluated, restructured and reorganized the entire sales organization within 3 weeks of closing the Clarient acquisition.

we evaluated restructured and reorganized the entire sales organization within 3 weeks of closing the clarient acquisition


to wait for a better opportunity. So I'd love to be able to give you a time and a date. But to be honest with you, the market will provide that for us.

to wait for a better opportunity so i'd love to be able to give you a time and a date but to be honest with you the market will provide that for us


answer -- talk a little bit about how you all buy your lumber and how you lock that in versus how you all are pricing the house?

answer talk a little bit about how you all buy your lumber and how you lock that in versus how you all are pricing the house


And in the past quarter, we did make progress against all 3 of these key objectives.

and in the past quarter we did make progress against all 3 of these key objectives


And lastly, I am pleased and confident with the team's continued focus, objectivity, intensity

and lastly i am pleased and confident with the team's continued focus objectivity intensity


China is a different thing. Of course, China is also aging, but the absolute number is there.

china is a different thing of course china is also aging but the absolute number is there


My last mission is to further build up our brands. Right now, in Taiwan, we have many brands.

my last mission is to further build up our brands right now in taiwan we have many brands


Lots of questions there, Jenny, but I would say that the demand on the part of the tech companies

lots of questions there janie but i would say that the demand on the part of the tech companies


the growth coming from third-party credit cards also increased in our total mix. And that's why

the growth coming from third-party credit cards also increase in our total mix and that's why


and that's also very encouraging. And that's something that we are going to be gradually seeing improving through time.

and that's also very encouraging and that's something that we are going to be gradually seeing improving through time


Our focus on cash generation continues. In the first quarter, our cash flow from operations was a net use of cash.

our focus on cash generation continues in the first quarter our cash flow from operations was a net use of cash


And that continues to be the plan. And that's where we, obviously within margins, have some flexibility on how we can manage the position.

and that continues to be the plan and that's where we obviously within margins have some flexibility on how we can manage the position


there are steps being taken by both sides in the deal environment to either gain leverage or gain outcome. We'll see where it leads.

there's steps being taken by both sides in the deal environment to either gain leverage or gain outcome we'll see where it leads


banker who called on software companies, and now we want to have our software and tech bankers calling on every company alongside the sector banker

banker who called on software companies and now we want to have our software and tech bankers calling on every company alongside the sector banker


for entry into the trial. Beyond that, we will continue to work closely with the NEPTUNE Consortium and NephCure international organizations

for entry into the trial beyond that we will continue to work closely with the neptune consortium and nefcure international organizations


We will continue to work with a potential counterparty to reach an agreement in principle that would be beneficial to the company and our stakeholders.

we will continue to work with the potential counterparty to reach an agreement in principle that would be beneficial to the company and our stakeholders


Our guidance also does not account for the impact from shifts in the regulatory environment, including areas, such as immigration or tax.

our guidance also does not account for the impact from shifts in the regulatory environment including areas such as immigration or tax


And I was just wondering, now that it looks like both of those products are experiencing some -- maybe some modest delays to the schedule,

and i was just wondering now that it looks like both of those projects are experiencing some -- maybe some modest delays to the schedule


when you're considering -- you can spend your money on the frequency bandwidth, or you can spend your money on

when you're considering -- you can spend your money on the frequency bandwidth or you can spend your money on


into our data centers. Now each configuration for each one of our customers is different, but typically it's not going to all occur in the same quarter.

into our data centers now each configuration for each one of our customers is different but typically it's not going to all occur in the same quarter


Some of the resistance, which we have seen in the past because the tools weren't there to facilitate this, are

some of the resistance which we have seen in the past because the tools weren't there to facilitate this


we obviously confirm that we were confident pre-hearing in terms of our legal position. And I can confirm we remain as

we obviously confirmed that we were confident pre-hearing in terms of our legal position and i can confirm we remain as


And I'm pushing my luck here but would you give us a peak sales estimate for your 2 new drugs that you have in-licensed,

and i'm pushing my luck here but would you give us a peak sales estimate for your 2 new drugs that you have in-licensed


We remain committed to refining our products and program offerings to ensure we are helping educators solve the financial issues they face,

we remain committed to refining our products and program offerings to ensure we are helping educators solve the financial issues they face


These high standards are enabling us to more efficiently balance our order pace in ASP to build a healthy backlog position and improve returns.

these high standards are enabling us to more efficiently balance our order pace and asp to build a healthy backlog position and improve returns


In summary, we are pleased with our results so far. Our focus on operational excellence, new products and partnerships

in summary we are pleased with our results so far our focus on operational excellence new products and partnerships


I think, both of those products, we love the role they play in the portfolio, it's starting to fill in the gaps between

i think both of those products we love the role they play in the portfolio of starting to fill in the gaps between


As our business strengthened, we increased some investment through 2017 to strengthen our corporate infrastructure and position us to benefit from increased scale.

as our business strengthened we increased some investments through 2017 to strengthen our corporate infrastructure and position us to benefit from increased scale


The tax law enacted near the end of 2017 had a number of effects on EOG's results of operations, cash flows and consolidated financial statements.

the tax law enacted near the end of 2017 had a number of effects on eog's results of operations cash flows and consolidated financial statements


our mining shaft has been designed to go ultimately to a 1,000 meters in this first stage for our current 10-year reserve plus

our mining shaft has been designed to go ultimately to 1 000 meters and this first stage for our current 10-year reserve plus


capital. And does that mean from a dividend or capital distribution point of view you would be at least

capital and does that mean from a dividend or capital distribution point of view you would be at least


After my first 7 months as CEO of LP, I am excited and energized by the progress we have made in our outlook for the future.

after my first 7 months as ceo of lp i am excited and energized by the progress we have made in our outlook for the future


pleased with the progress there. Put all that together, that's why we're confident in tone this morning with the financial outlook

pleased with the progress there put all that together that's why we're confident in tone this morning with the financial outlook


Please refer to the tables and slide presentation accompanying today's earnings release on our website for details. With that, let me turn the call over to Antonio.

please refer to the tables and slide presentation accompanying today's earnings release on our website for details with that let me turn the call over to antonio


and very importantly, the optimizing the effective pricing and yield for data propositions that we have taken to market.

and very importantly they're optimizing the effective pricing and yield for data propositions that we have taken to market


increased in the year to 2.7x. Now as we look over the medium term, we would like to see the holding company leverage

increased in the year to 2 7x now as we look over the medium term we would like to see the holding company leverage


the demographic opportunity, for sure, is there. The bit in the middle is we've got a strategy to basically take advantage of the opportunity.

the demographic opportunity for sure is there the bit in the middle is we've got a strategy to basically take advantage of the opportunity


This means that while our start-up is progressing well and this is a desirable contributing contract,

this means that while our startup is progressing well and this is a desirable contributing contract


We have a good success in creating an expanding list of qualifications in both of these growing areas. Let me start with the provider services.

we have a good success in creating an expanding list of qualifications in both of these growing areas let me start with the provider services


A copy of the press release we issued this morning is available on our website. In addition, we are conducting a live webcast of this call also available on the site.

a copy of the press release we issued this morning is available on our website in addition we are conducting a live webcast of this call also available on the site


So the short answer to it is yes. I think that the magnitude is what you have to put your finger on. So

i -- so the short answer to it is yes i think that the magnitude is what you have to put your finger on so


Field Service Lightning is a key part of that growth. In fact, one of the world's largest food and beverage companies selected Field Service Lightning for retail execution to boost

field service lightning is a key part of that growth in fact one of the world's largest food and beverage companies selected field service lightning for retail execution to boost


again, because customers are taking advantage of these amazing technologies to drive and gather insights around what their customers are doing.

again because customers are taking advantage of these amazing technologies to drive and gather insights around what their customers are doing


what's -- like any major initiatives that's going to be on the promotional calendar this year? Or is that kind of business competitive information?

what's like any major initiatives that's going to be on the promotional calendar this year or is that kind of business competitive information


Before we begin today's call, I would like to remind everyone that this call may involve certain statements that are not based on historical facts

before we begin today's call i would like to remind everyone that this call may involve certain statements that are not based on historical facts


Moving to Slide 3. You'll see our agenda for today's discussion. We'll begin with an overview of our third quarter and year-to-date earnings results.

moving to slide 3 you'll see our agenda for today's discussion we'll begin with an overview of our third quarter and year-to-date earnings results


with the average annualized increase in shareholders' equity plus cash dividends over the last 5-year period


it is a big opportunity for our type of technology in China as well. And if you remember,

it is a big opportunity for our type of technology in china as well and if you remember


Great. Well, look, thanks, everybody, very much for your interest. Thanks for spending the time listening to us and talking with us and thanks very much for the questions.

great well look thanks everybody very much for your interest thanks for spending the time listening to us and talking with us and thanks very much for the questions


It doesn't mean that we don't have rollover of contracts where we have to go from a high price to the new market price. And so that will still hit us.

it doesn't mean that we don't have rollover of contracts where we have to go from a high price to the new market price and so that will still hit us


pretty substantially in the last 3 years at this hotel. So we've been waiting a little bit to get that EBITDA back up to where we think it should be.

pretty substantially in the last 3 years at this hotel so we've been waiting a little bit to get that ebitda back up to where we think it should be


If the vaccine includes the wrong neoantigens, the vaccine misses the target and works sub-optimally if it works at all.

if the vaccine includes the wrong neoantigens the vaccine misses the target and works suboptimally if it works at all


This expands our global network with increased production capacity and more timely delivery of our unique higher value specialty solution.

this expands our global network with increased production capacity and more timely delivery of our unique higher-value specialty solutions


In other cases, given the fact that some of our branches need to continue to mature to our target of

in other cases given the fact that some of our branches need to continue to mature to our target of


We actually think we've achieved a very unique public record database now, and so we're helping to displace our external vendors for title right now.

we actually think we've achieved a very unique public record database now and so we're helping it displace our external vendors for title right now


Simply put, our cost structure should provide increased profitability to Enzo and a marginal return for our customers, the independent lab.

simply put our cost structure should provide increased profitability to enzo and a marginal return for our customers the independent lab


if I understand correctly, you're saying what are the efforts in terms of marketing to the broader developer population?

if i understand correctly you're saying what are the efforts in terms of marketing to the broader developer population


It doesn't include the fast-growing online business, which doubled last year and doubled again in the first quarter for us.

it doesn't include the fast-growing online business which doubled last year and doubled again in the first quarter for us


April 21. We are in receipt of those letters and are aware of the contemporaneous rumors that are in the marketplace.

and april 21 we are in receipt of those letters and are aware of the contemporaneous rumors that are in the marketplace


Well, it's certainly very positive for us. We're really excited about the transaction because it did allow us to obtain

well it's certainly very positive for us we're really excited about the transaction because it did allow us to obtain


Over the past couple of weeks, there have been significant price increases announced by different competitors in both the branded and the private-label segments of the market.

over the past couple of weeks there have been significant price increases announced by different competitors in both the branded and the private label segments of the market


The early results are encouraging as nearly 20% of customers notified of early or delayed bags are using customer bag notification to set up a bag delivery.

the early results are encouraging as nearly 20% of customers notified of earlier delayed bags are using customer bag notification to set up a bag delivery


The premium A1 by AND1 collection is on track to launch in specialty stores and boutiques later this year.

the premium a1 by and1 collection is on track to launch in specialty stores and boutiques later this year


I think there have been very few orders which, of course, means that the shipyards will struggle to fill their capacity.

i think there have been very few orders which of course means that the shipyards will struggle to fill their capacity


This quarter, with the expected acceleration in hardware spending, we did not mix as much into netted-down revenues.

this quarter with the expected acceleration in hardware spending we did not mix as much into netted down revenues


the lower growth rate in this portfolio more recently is consistent with our strategic objective to deliver balanced growth over a full cycle.


And is the idea to increase that over time depending on how it performs? Or is anything set in stone on that side?

and is the idea to increase that over time depending on how it performs or anything set in stone on that side


China continues to present a significant opportunity for us, as the government and private industry both fund drug research.

china continues to present a significant opportunity for us as the government and private industry both fund drug research


the result of continuing efforts at cost compression and improvements to margins. We've taken the opportunity than to say what does that mean

the result of continuing efforts at cost compression and improvements to margins we've taken the opportunity then to say what does that mean


The final phase is expected to be completed during the first half of 2018. And finally, turning to prospects,

the final phase is expected to be completed during the first half of 2018 and finally turning to prospects


difficult end markets such as oil and gas, mining and ag, in particular. And then we see continued

difficult end markets such as oil and gas mining and ag in particular and then we see continued


We're in coordination with other industry partners. We can make personalized medicine a reality for billions of individuals on the planet and a way of life for the next generation.

we're in coordination with other industry partners we can make personalized medicine a reality for billions of individuals on the planet and a way of life for the next generation


there? We certainly haven't seen any impact at this point. They're obviously making a lot of noise out there in the marketplace.

we certainly haven't seen any impact at this point they're obviously making a lot of noise out there in the marketplace


We've moved aggressively to rightsize the organization and expect OTE to return to profitability over the second half of our fiscal

we've moved aggressively to rightsize the organization and expect ote to return to profitability over the second half of our fiscal


including a significant charge related to our South African projects, which we will discuss in greater detail later in the presentation.

including a significant charge related to our south african projects which we will discuss in greater detail later in the presentation


Due to the confidential nature of these discussions, we will have no further comments regarding this matter on today's call.

due to the confidential nature of these discussions we will have no further comments regarding this matter on today's call


Are you guys doing anything different than auctions at this point? You're not doing any retail experiments or anything like that or

are you guys doing anything different than auctions at this point you're not doing any retail experiments running like that or


Zach, I don't think we can really comment on specifics. As we've said in the past, we view that we're the natural aggregator of

zach i don't think we can really comment on specifics as we've said in the past we view that we're the natural aggregator of


of beyond the max, you would probably only need to look for a property between 5% to 10% cheaper and that we felt was more doable.

of -- beyond the max you would probably only need to look for a property between 5% to 10% cheaper and that we felt was more doable


For the most part, I'd say we have the major platforms that we need, so we don't envision the need for large platforms.

for the most part i'd say we have the major platforms that we need so we don't envision the need for large platforms


is well locked at this point and it's streamline it and simplify it. And we're going to continue to do that and continue to make progress on it like we have been for the last couple of quarters.

is well locked at this point and it's streamline it and simplify it and we're going to continue to do that and continue to make progress on it like we have been for the last couple of quarters


The most important subject of this midterm corporate strategy is how to achieve and apply responsiveness to change.

the most important subject of this midterm corporate strategy is how to achieve and apply responsiveness to change


Such statements are based on the company's views as of today, and actual results could differ materially from the forward-looking statements.

such statements are based on the company's views as of today and actual results could differ materially from the forward-looking statements


Can you talk a bit about whether that is changing the tone and if that's going to lead to orders among airlines where

can you talk a bit about whether that is changing the tone and if that's going to lead to orders among airlines where


We'll continue to expand our scale and achieve great achievements and developments.

will continue to expand our scale and achieve great achievements and developments


again, we've become very, very good at predicting and intervening ahead of when a patient becomes not adherent based on factors that we're aware of.

again we've become very very good at predicting and intervening ahead of when a patient becomes not adherent based on factors that we're aware of


Yes. We haven't really said anything yet on the number of locations that we're going to be adding, but that's something that we'll definitely be able to give more color on with our Q3 call,

yes we haven't really said anything yet on the number of locations that we're going to be adding but that's something that we'll definitely be able to give more color on with our q3 call


For example, Trex online provides homeowners the tools to design, price and order samples for their dream decks

for example trex online provides homeowners the tools to design price and order samples for their dream decks


good news we had in last year's Q4. And as you think about -- that was the Worker's Comp. I just mentioned the incentive compensation, that was good news last year.

of good news we had in last year's q4 and as you think about that was the worker's comp as i just mentioned an incentive compensation that was good news last year


Thanks, Marc. I want to thank all of our associates for contributing to another strong quarter at Burlington Stores.

thanks mark i want to thank all of our associates for contributing to another strong quarter at burlington stores


This is the third anniversary since we introduced the dividend program, and the board declared a 25% increase in the quarterly dividend over our prior dividend.

this is the third anniversary since we introduced the dividend program and the board declared a 25% increase in the quarterly dividend over our prior dividend


Next, I'd like to spend a few minutes recognizing the outstanding efforts of our employees in responding to a major snowstorm in Colorado.

next i'd like to spend a few minutes recognizing the outstanding efforts of our employees in responding to a major snowstorm in colorado


As you know, European markets are largely saturated markets in consumption per capita,

as you know european markets are largely saturated markets in consumption per capita


But there continues to be volatility in the oil market, and the price of resin follows very closely the oil price, not directly, but very closely.

but there continues to be volatility in the oil market and the price of resin follows very closely the oil price not directly but very closely


Once again, we believe there is a significant discount between public and private valuations of plant assets, and we see proof of that in our process.

once again we believe there is a significant discount between public and private valuations of plant assets and we see proof of that in our process


is supporting the price. But it's simply to state that the prices we now have in place will ultimately result in a lower sales

it's supporting the price but it's simply to state that the prices we now have in place will ultimately result in a lower sales


seed treatment and biosolutions. We also invested in a growing sales force in Brazil, and it is working.

seed treatment and biosolutions we also invested in a growing sales force in brazil and it is working


achieve economies of scale. And I think there's plenty of opportunities. Yes, and that certainly fits with what we have been saying. And we continue to say that we believe the

achieve economies of scale and i think there's plenty of opportunities yes and that certainly fits with what we have been saying and we continue to say that we believe the


by decreased volumes in Canada due to apportionment issues. Additionally, the impact of anticipated changes in tariff mix on unit margins

by decreased volumes in canada due to apportionment issues additionally the impact of anticipated changes in tariff mix on unit margins


We, of course, intend to bring the company back on track as quickly as possible. And I will say a few words later on about the initiatives we're taking.

we of course intend to bring the company back on track as quickly as possible and i will say a few words later on about the initiatives we're taking


even more nimble and innovative than we have been in the past. And so I think we're taking a pretty fresh look at a lot of things, not just marketing innovation but

even more nimble and innovative than we have been in the past and so i think we're taking a pretty fresh look at a lot of things not just marketing innovation but


Our isometric marine acquisition system remains unrivaled and represents one of the biggest engineering achievements in the history of our company.

our isometric marine acquisition system remains unrivaled and represents one of the biggest engineering achievements in the history of our company


Looking to the future, our strategy remains the same. We will continue to focus on effectively deploying capital from our diverse lending sources

looking to the future our strategy remains the same we will continue to focus on effectively deploying capital from our diverse funding sources


you write about it in the report. Should we expect that the sort of seasonal effects would be enhanced, i.e., that you will have less or maybe

you're right about it in the report should we expect that the sort of seasonal effects would be enhanced i e that you will have less or maybe


Right. Martin, I think you're absolutely right on the innovation. This is not so much of a numbers thing. We're not looking at the

right martin i think you're absolutely right on the innovation this is not so much of a numbers thing we're not looking at the


and companies get started off of less than that. So very, very happy to see that continued commercial momentum.

and companies get started off of less than that so very very happy to see that continued commercial momentum


Our risk appetite is at moderate level, and capital consumption is presently at low levels.

our risk appetite is at moderate level and capital consumption is presently at low levels


Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may all disconnect everyone have a great day


thus we are upgrading our client coverage model to meet these needs. These changes, including new senior leadership, are already underway.

thus we are upgrading our client coverage model to meet these needs these changes including new senior leadership are already underway


Now we did pass on a large part of it, not completely, but a large part of it to our customers because

now we did pass on a large part of it not completely but a large part of it to our customers because


This results primarily from lower sample volume than anticipated, which can occur in the first quarter after the holiday period.

this results primarily from lower sample volume than anticipated which can occur in the first quarter after the holiday period


Thanks, Glenn, and to all those joining us today. This has been a difficult year for our industry, and we're not pleased with our results.

thanks glenn and to all those joining us today this has been a difficult year for our industry and we are not pleased with our results


the usual seasonal factor, the furloughs, the calendar days being lower. On top of that, some of these additional aspects

the usual seasonal factor the fallows the calendar days being lower on top of that some of these additional aspects


The product transfers are certainly the headliner but we have also now have a talented and very capable team in Shanghai and a new office and with a new warehouse,

the product transfers are certainly the headliner but we have also now have a talented and very capable team in shanghai in a new office and with a new warehouse


The -- and then the last component of large market demand is in the furniture segment. So you have a very strong market in

the -- and then the last component of large market demand is in the furniture segment so you have a very strong market in


We will conclude, as we always do, with our long-term charts which is simply meant to display the power of dividends over time.

we will conclude as we always do with our long-term charts which are simply meant to display the power of dividends over time


acquire somebody sort of opportunistically that would be accretive and a good fit for our business, we would do it. That remains the case.

acquire somebody sort of opportunistically that would be accretive and a good fit for our business we would do it that remains the case


The long run average has been 70% across the portfolio. And in some years, you're a little bit below that and some years you're a little bit above that. And

well long-run average has been 70% across the portfolio and some years you're a little bit below that and some years you're a little bit above that and


Good morning. I'm Steve Rolfs, Senior Vice President and Chief Financial Officer of Sensient Technologies Corporation.

good morning i'm steve ralfe senior vice president and chief financial officer of sensient technologies corporation


while reducing operating costs through ore crushing efficiencies, even with an increase of the ore material hardness index.

while reducing operating cost through ore crushing efficiencies even with an increase of the ore material hardness index


They've been in search of a polymer that can withstand the new stronger disinfectants being used in hospitals, which is causing cracking with existing polymers.

they've been in search of a polymer that can withstand the new stronger disinfectants being used in hospitals which is causing cracking with existing polymers


So it's a factor but something that, I think, all the people around the table here are quite willing to handle and deal with as are the dealers.

so it's a factor but something that i think all the people around the table here are quite willing to handle and deal with as are the dealers


a lot of focus on building that organizational capability. We think it's showing up in key categories. We think it's allowing us to attract a higher price point,

a lot of focus on building that organizational capability we think it's showing up in key categories we think it's allowing us to attract the higher price point


Importantly, data also showed patients who continue TYSABRI treatment experienced better clinical outcomes than those who switched to another therapy.

importantly data also showed patients who continued tisabri treatment experienced better clinical outcomes than those who switched to another therapy


may, at times, introduce a little bit of noise to the PEO margins now that it is included in our segment results.

may at times introduce a little bit of noise to the peo margins now that it is included in our segment results


Our sourcing team has been very busy selecting new and exciting products that we believe will appeal to our core upscale, fashion-conscious customer.

our sourcing team has been very busy selecting new and exciting products that we believe will appeal to our core upscale fashion-conscious customer


We have a truly exciting and unique opportunity here at Univar to grow the profitability and the size of our company. As you know,

we have a truly exciting and unique opportunity here at univar to grow the profitability and the size of our company as you know


and we're going to have to offset that with productivity and other initiatives so that we'd be positioned to deliver on the commitments we made.


Finally, on Page 9, we offer a number of products that improve safety and security on both passenger and commercial vehicle applications.

finally on page 9 we offer a number of products that improve safety and security on both passenger and commercial vehicle applications


And I think, that our board believed that the company was doing a lot of the right things, and where we were

and i think that our board believed that the company was doing a lot of the right things and we were


And it's that experience that leads me to believe that Saga has all the core attributes that any broker business needs to win

and it's that experience that leads me to believe that saga has all the core attributes that any broker business needs to win


The recent acquisitions were kind of the primary growth drivers in the quarter. Correct me if I heard that wrong. But then when you were citing the business lines,

the recent acquisitions were kind of the primary growth drivers in the quarter correct me if i heard that wrong but then when you were citing the business lines


Before I turn over the call to John, I'd like to remind everyone that management's prepared remarks and answers to your questions contain forward-looking statements,

before i turn over the call to john i'd like to remind everyone that management's prepared remarks and answers to your questions contain forward-looking statements


Before we get started, we want to emphasize that some of the information and statements you will be hearing during our discussions today will include forward-looking statements,

before we get started we want to emphasize that some of the information and statements you will be hearing during our discussions today will include forward-looking statements


Or versus how many are still in the development stage with that? And then could you maybe give us a sense with how we might think about the time frame

or versus how many are still in the development stage with that and then could you maybe give us a sense of how we might think about the time frame


that are launching new drugs as well as we have a few deals we're chasing with new customers. So the pipeline does look good, and we think that it'll

that are launching new drugs as well as we have a few deals we're chasing with new customers so the pipeline does look good and we think that it'll


If we turn to the outlook for this year, broadly, we're expecting similar market conditions to continue into this year.

if we turn to the outlook for this year broadly we're expecting similar market conditions to continue into this year


Well, I don't want to put Matt into a box at this particular point in time, so I've been hesitant to

well i don't want to put matt into a box at this particular point in time so i've been hesitant to


As we look forward, we believe MITT is well positioned to take advantage of a wide range of Agency and credit market opportunities at favorable returns.

as we look forward we believe mint is well positioned to take advantage of a wide range of agency and credit market opportunities at favorable returns


In closing, I'm pleased with the steps we've taken over the past few years to improve the operating performance of our business and reduce fixed costs.

in closing i'm pleased with the steps we've taken over the past few years to improve the operating performance of our business and reduce fixed costs


we will rebuild or migrate our customer applications using standard application and cloud-native services and operate them in the public cloud.

we will rebuild or migrate our customer applications using standard application and cloud native services and operate them in the public cloud


but what does that achieve if you've destroyed all the commission that you would be deriving in the product sales, so

but what does that achieve if you've destroyed all the commission that you would be deriving in the product sell so


We are conducting a reexamination of our quality assurance process and implementing measures to prevent this from happening again.

we are conducting a reexamination of our quality assurance process and implementing measures to prevent this from happening again


Yes. Well, first of all, I think it's a -- it would not be a correct characterization to say that the bulk of our investment is technology. I mean, there's certainly

yes well first of all i think it's a -- it would not be a correct characterization to say that the bulk of our investment is technology i mean there's certainly


Germany is the point where we have not been so pleased with the development, especially stemming from the

germany is the point where we have not been so pleased with the development especially stemming from the


as well as improvement in the energy market and we believe that Reliance is very well-positioned to capitalize on these opportunities.

as well as improvement in the energy market and we believe that reliance is very well positioned to capitalize on these opportunities


Nevertheless, we felt there was more operating efficiency we could drive into this business, and that is what was behind the creation of the single

nevertheless we felt there was more operating efficiency we could drive into this business and that what was behind the creation of the single


As I look back on our performance in 2017, our operating results for the full year and the fourth quarter were right where we expected them to be.

as i look back on our performance in 2017 our operating results for the full year and the fourth quarter were right where we expected them to be


and a number of our new products are gaining traction in both existing and new market areas, and we are pleased with how this business is progressing.

and a number of our new products are gaining traction in both existing and new market areas and we are pleased with how this business is progressing


to coordinate all the export initiatives we do in the different business units and business areas into each single export market.


to be able to give us some really unique product offering, that if you look at our cementless offering, is now approaching 20% of our knees are now cementless, which is

to be able to give us some really unique product offering that if you look at our cementless offering is now approaching 20% of our knees are now cementless which is


I think the biggest benefit to us is they have outstanding technology that gives us access to new procedures for a customer base

yes i think the biggest benefit to us is they have outstanding technology that gives us access to new procedures for a customer base


The sequential increase was primarily due to the Recurrent transaction, 1 organic drop-down acquisition in December

the sequential increase was primarily due to the recurrent transaction one organic drop-down acquisition in december


and at conferences, visiting our operations and investors around the country throughout 2019. So please reach out to Ron. And we will look forward to speaking with you and meeting with you.

and at conferences visiting our operations and investors around the country throughout 2019 so please reach out to ron and we will look forward to speaking with you and meeting with you


next, we have adopted a dividend policy designed to support value creation for our shareholders through both growth and income

next we have adopted a dividend policy designed to support a value creation for our shareholders through growth growth and income


Before we begin today's call, I want to remind you that the discussion will include forward-looking information, which is subject to the cautionary statement contained in the supporting slide show.

before we begin today's call i want to remind you that the discussion will include forward-looking information which is subject to the cautionary statement contained in the supporting slideshow


rates very quickly far more faster than any other state regulated or provincially regulated jurisdiction


I think most importantly, the way we think about it is that there is always going to be room for reimbursement

i think most importantly the way we think about it is that there is always going to be room for reimbursement


as the operating officer for the company, the last 3 months, that's been a focus of mine across all of our companies,

as the operating officer for the company the last 3 months that's been a focus of mine across all of our companies


offset of 400 business falling off and then partially offset by 500, until that actually becomes revenue generating?

offset of 400 business falling off and then partially offset by 500 until that actually becomes revenue generating


with the exception of Hong Kong, which is a colony, there is no such thing called foreign regime

with the exception of hong kong which is a colony there is no such thing called foreign regime


Our approach is rooted in the extensive study and understanding of consumer dynamics to which we then apply analytics to identify key leverage points.

our approach is rooted in the extensive study and understanding of consumer dynamics to which we then apply analytics to identify key leverage points


As it relates to insurance coverage, the company has notified its carriers of a potential claim under the company's insurance policies

as it relates to insurance coverage the company is notified as carriers of a potential claim under the company's insurance policies


I guess, the first question here is, does the summer release significantly expand your total addressable market that you talked about with

i guess the first question here is does the summer release significantly expand your total addressable market that you talked about with the


that's also what is stated in the presentation that we expect implementation cost to be cost in the first 2 years.


These decreases were mostly offset by improved operating performance across each business and higher unit volumes in the metal and plastic container businesses.

these decreases were mostly offset by improved operating performance across each business and higher unit volumes in the metal and plastic container businesses


We also started distributing Monster Energy drinks as we are fully leveraging our execution capabilities to capture additional share

we also started distributing monster energy drinks as we are fully leveraging our execution capabilities to capture additional share


have all input what was the diagnosis, what was the treatment and all that we have in the system already, but you also need to have the

have all input what was the diagnosis what was the treatment and all that we have in the system already but you also need to have the


what specifically there got you excited about this particular property? I know that being able to blow some of your own films instead of purchasing on the outside, but

what specifically there got you excited about this particular property i know that being able to blow some of your own films instead of purchasing on the outside but


most of what we do in construction is really renovation or adaptations to existing structures. But

most of what we do in construction is really renovation or adaptations to existing structures but


It might make more sense to figure out an investment in that country where we can better utilize the money without taking the big tax expense.

it might make more sense to figure out an investment in that country where we can better utilize the money without taking the big tax expense


And we remain focused on finding opportunities to further enhance shareholder value in a consistent and disciplined manner.

and we remain focused on finding opportunities to further enhance shareholder value in a consistent and disciplined manner


The team did a good job closing small deals but the lack of large opportunities coupled with a difficult compare made for a tough quarter.

the team did a good job closing small deals but the lack of large opportunities coupled with a difficult compare made for a tough quarter


as we have invested heavily in the core components required to transform this commercial infrastructure, namely human capital,

as we have invested heavily in the core components required to transform this commercial infrastructure namely human capital


We disclaim any intentions or obligations to update or revise any forward-looking statements except as required by law.

we disclaim any intentions or obligations to update or revise any forward-looking statements except as required by law


And I think as we've said before, right, each one is on a different schedule in terms of shifting towards technology.

and i think as we've said before right each one is on a different schedule in terms of shifting towards technology


Our realized oil prices were also impacted by regional basis differentials. With the acceleration of industry activity in the Permian Basin,

our realized oil prices were also impacted by regional basis differentials with the acceleration of industry activity in the permian basin


In terms of our cooperation, I'm trying to click through to that slide so we can all look at it at the same time.

in terms of our cooperation i'm trying to click through to that slide so we can all look at it at the same time


and need to evaluate the best path forward that will give us the broadest application of our technology and the best return for our shareholders.


But I'm more focused on, if there is a team or if there's a group of people that makes sense for us, I'd rather focus on the quality of the book of business that they can help us grow.

but i'm more focused on if there is a team or there's a group of people that makes sense for us i'd rather focus on the quality of the book of business that they can help us grow


This acquisition now extends CyberArk's market opportunity with revolutionary technology that takes us deeper into the DevOps life cycle.

this acquisition now extends cyberark's market opportunity with revolutionary technology that takes us deeper into the devops life cycle


And we are pursuing large opportunities in the aviation and health care sectors, which we anticipate will add to our visibility as the year progresses.

and we are pursuing large opportunities in the aviation and health care sectors which we anticipate will add to our visibility as the year progresses


The sequential increase was primarily driven by net new business, securities lending, equity market values and money market fees.

the sequential increase was primarily driven by net new business securities lending equity market values and money market fees


With that being said, we continue to believe that we have the potential to hit our prior revenue targets and we want to guide external expectations

with that being said we continue to believe that we have the potential to hit our prior revenue targets but we want to guide external expectations


We will offer more clarity on the potential impact of these changes on our core business when we provide our fiscal '19 outlook in December.

we will offer more clarity on the potential impact of these changes on our core business when we provide our fiscal '19 outlook in december


But what we have to remember is that the people on our front lines and our management team are all paid on the results of their transactions.

but what we have to remember is that the people on our front lines and our management team are all paid on the results of their transactions


but we keep bumping into manufacturers and distributors. And we've said -- then we've done some market sizing. Of course, manufacturing and distribution are both

but we keep bumping into manufacturers and distributors and we've said then we've done some market sizing of course manufacturing distribution are both


As another part of our plan to increase liquidity, we have engaged various specialized consultants to help us identify cost savings in the business.

as another part of our plan to increase liquidity we've engaged various specialized consultants to help us identify cost savings in the business


Thank you very much. Thanks for your questions. Thanks for your attendance. And I wish you a good rest of the afternoon. Thank you.

thank you very much thanks for your questions thanks for your attendance and i wish you a good rest of the afternoon thank you


And we started offering also new propositions, you saw some of them in Rob's earlier slides. And these have gained traction in the second half of the year.

and we started offering also new propositions you saw some of them in rob's earlier slide and these have gained traction in the second half of the year


is that Facebook and Google both are partnering up with us. And we're getting a lot of access to a lot of very smart senior people

is that facebook and google both are partnering up with us and we're getting a lot of access to a lot of very smart senior people


Moving on to productivity. We shared our plan on productivity with you at the conference, so let me update you on where we are.

moving on to productivity we shared our plan on productivity with you at the conference so let me update you on where we are


and our business -- our bilateral business with China. And we look forward to talking to you again in a couple months on our next call. Thank you all.

and our business -- our bilateral business with china and we look forward to talking to you again in a couple of months on our next call thank you all


clients and institutions spend money. It's one of the reasons that's driving that solutions trend for us.

clients and institutions spend money it's one of the reasons that's driving that solutions trend for us


Our operating results for the first quarter of 2016 represented the best first quarter in our company's history.

our operating results for the first quarter of 2016 represented the best first quarter in our company's history


is, we're very comparable to sales like division by division and focus more on creating that natural hedge within the business unit.

where it's very comparable for sales like division by division and focus more on creating that natural hedge within the business unit


can you give us some sense around how much maintenance you had in the second half of last year or maybe how much you incurred in first half of this year?

can you give us some sense around how much maintenance you had in the second half of last year or maybe how much you're incurred in first half of this year


and believe that we've got our assets very well positioned for how we see the recovery playing out in the next couple of years.


including those discussed in the Risk Factors section of Dicerna's most current forms filed with the SEC. While

including those discussed in the risk factors section of dasatinib most current forms filed with the sec